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Yields remain elevated

BUNDS
  • Bund trades at Yesterday's mid range, after the 10yr Yield found big resistance at the noted 2.50% gap, printed a 2.507% high Yesterday.
  • Volumes have nonetheless been fairly elevated for an overnight session but especially led by the front end 2yr (Schatz), and 3 Months front Euribor.
  • Support will be seen at Yesterday's low, while the initial resistance noted at 132.71 remains, did print a 132.80 high Yesterday.
  • Further out, opens to 133.40.
  • There's no tier 1 data for the session, German IFO might get some Algo flow, but should be limited.
  • On the margin, some focus will be on the ECB CPI expectations.
  • SUPPLY: Italy 2026 (Equates to 34.3k short 2yr BTP) should weigh, plus 2041 linker (won't impact Govies).
  • SPEAKERS: ECB de Cos, Schnabel (x2).
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